Why You Should Hire A Fractional CFO
A fractional CFO is typically brought into the company in a role to help develop strategies to increase revenue for the company, oversee the finances of the company, and work closely with the owner and CEO of the company to work on the financial side of the business, including salaries, where to cut costs, and where to spend. A fractional CFO is different from a full-time CFO because they are usually a temporary employee or are outsourced just to work on a specific project. Read on for reasons why you should hire a fractional CFO.
They Have No Ties To The Company
A fractional CFO is usually hired as an outsourced employee that has no ties to the company and hasn't been with the company for too long. The fractional CFO may not have the ties that a traditional CFO has. This can be a benefit in a number of ways. They may be able to separate themselves from the long-term employees that may need to be laid off or from the employees that are being paid to retire. They are able to make decisions that are best for the company and solely for the company.
They Are Temporary
A fractional CFO is a temporary employee, so if things don't end up working as planned, or even if they do, they can be let go whenever necessary or whenever the job is complete. They are temporarily hired in order to complete a project, so when the project is complete, they can move on to another project elsewhere or be terminated whenever their contract is over.
They Are Hired For Specific Projects
A fractional CFO is usually hired to work on a specific project that may not be able to be handled by the traditional CFO, as it is something above and beyond what they have the manpower to do at this current time. The temporary fractional CFO is hired to tackle this one specific project and make it work for the company, and the traditional CFO is left to handle the rest. This can take some of the burden off of the traditional CFO.
If your company is looking for a CFO, but you don't want to hire a new CFO, or you don't want to add more work to your current CFO, you can hire a fractional CFO to do the work that needs to be completed for the benefit of the company.
Contact a fractional CFO to learn more.